Cloud Storage Company Box Files for Secret IPO

Box has reportedly filed for a secret IPO, in the same manner as Twitter

Box files for IPO

As everyone expects Dropbox to go public this year, competitor Box seems to be one step ahead and has already filed for an IPO.

According to Quartz, the online storage company has already filed paperwork for an initial public offering.

Box is stepping into the footsteps of Twitter, who has filed for the same type of secret IPO. This is allowed by a provision of the JOBS act, which states that companies with less than $1 billion in annual revenue can confidentially file drafts of their IPO with the US Securities and Exchange Commission.

This protects the company from media scrutiny and enables it to hide its specific financial status up until a few weeks ahead of the IPO.

Box has declined to comment on the information, but then again, so did Twitter at the time, up until it simply shared the information via its own platform.

It is expected that Box could raise about $500 million (€370 million) in an IPO.